U.S. continues review of Brazil’s GSP status

U.S. continues review of Brazil’s GSP status The Bush administration has extended its review of Brazil’s duty-free status under the Generalized System of Preferences (GSP) program through March 31.
   The administration is concerned that Brazil doesn’t do enough to protect intellectual property rights, and started an investigation into these violations in January 2001, based on a petition from the International Intellectual Property Alliance.
   According to the alliance, estimated losses due to piracy of copyrighted materials totaled $785 million in 2003, up $70 million over the previous year and the largest loss in the hemisphere.
   Under the 1974 Trade Act, the president has authority to revoke a country’s GSP status for trade violations.
   In 2003, duty-free GSP imports from Brazil totaled $2.5 billion and comprised 14 percent of total imports from Brazil, valued at $17.9 billion. Brazil accounted for 12 percent of total U.S. GSP imports of $21.3 billion in 2003. Major GSP imports from Brazil are auto parts and accessories, granite monuments and other stone, copper cathodes and other copper products, and wood and millwork products.